Metis Global Partners LLC Boosts Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Metis Global Partners LLC grew its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 1.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 17,161 shares of the semiconductor company’s stock after buying an additional 172 shares during the quarter. Metis Global Partners LLC’s holdings in Microchip Technology were worth $1,378,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Pathway Financial Advisers LLC bought a new position in Microchip Technology during the 1st quarter valued at $39,000. Versant Capital Management Inc increased its holdings in Microchip Technology by 148.8% in the second quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock valued at $48,000 after buying an additional 317 shares during the last quarter. TruNorth Capital Management LLC acquired a new stake in Microchip Technology during the second quarter valued at approximately $55,000. Wolff Wiese Magana LLC lifted its holdings in Microchip Technology by 55.2% during the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock worth $49,000 after buying an additional 218 shares during the last quarter. Finally, Family Firm Inc. acquired a new position in shares of Microchip Technology in the 2nd quarter worth approximately $62,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Trading Down 4.2 %

Shares of NASDAQ:MCHP opened at $62.86 on Friday. The company has a 50 day moving average of $75.65 and a 200-day moving average of $84.12. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71. The firm has a market cap of $33.76 billion, a P/E ratio of 43.96 and a beta of 1.53. Microchip Technology Incorporated has a twelve month low of $62.63 and a twelve month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The firm had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same period in the prior year, the firm posted $1.54 earnings per share. The firm’s revenue for the quarter was down 48.4% compared to the same quarter last year. As a group, analysts anticipate that Microchip Technology Incorporated will post 1.38 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be issued a dividend of $0.455 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date is Friday, November 22nd. Microchip Technology’s payout ratio is presently 127.27%.

Analysts Set New Price Targets

MCHP has been the topic of a number of research reports. Needham & Company LLC dropped their target price on shares of Microchip Technology from $96.00 to $85.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Truist Financial cut shares of Microchip Technology from a “buy” rating to a “hold” rating and cut their target price for the stock from $89.00 to $80.00 in a report on Monday, September 23rd. B. Riley lowered their target price on Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Citigroup cut their price target on Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Finally, TD Cowen lowered their price objective on Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a research note on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, Microchip Technology has a consensus rating of “Moderate Buy” and an average target price of $92.00.

Insider Buying and Selling at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total value of $175,551.00. Following the transaction, the chief financial officer now owns 33,257 shares of the company’s stock, valued at $2,710,445.50. The trade was a 6.08 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 2.10% of the stock is owned by corporate insiders.

Microchip Technology Company Profile

Microchip Technology Incorporated engages in the development, manufacture, and sale of smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia. The company offers general purpose 8-bit, 16-bit, and 32-bit mixed-signal microcontrollers; 32-bit embedded mixed-signal microprocessors; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.